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mortgages

Hi all,

I looked into trading a couple of years ago, when i had a good run of betting and had quite a bit of money in my bf account. For some reason it never happened, mainly i think due to not looking into the available software enough.

Anyway im gonna give it a try full time now (now ive found the Toy!), and am wondering how you lads go about getting a mortgage.

Ive got the house up for sale and i dont think the bank manager is gonna lend me anymore if i say i trade on bf for a living. Ill have to postpone it till i sell i think

Despite being able to show what I was making week on week from trading and a sizeable deposit I was told no chance. So instead I have moved back to the parents and am saving hard so I can buy later this year.

Self certs used to be the way but the government in all its wisdom are getting rid of these.

If you already own a house or have a partner who works it may be a different story and you maybe able to get a mortgage.

But if on your own. not a current home owner and trading for a living chances are they won't touch you - best advice is to go talk to your bank as they will be able to tell you one way or the other whereas this forum will only be able to speculate. A chat shouldn't cost you anything bar your time.

I think i will be staying where i am, our lass got made redundant in june so im going on just my wage now which isn't owt special.

It takes the p*** that you can take all your weekly profits in and then they wont accept it, but they would if you were doing it on the stock exchange. But i suppose then youd would have to pay tax, so maybe it evens out a bit.

I've remained as a part-time trader on BF and this is one of the reasons why. Bank managers and professional gamblers don't really seem to get along all that well. Gambling still has a fairly large stigma attached to it for many people.

Of course, the dream is to do so well I don't need to have a mortgage!

From what I was told, as long as you have a "taxable income" you can apply. So the only way to go about it, is to register as a company, or self employed, and declare everything you "win". That way you can get a home loan.
From what I can see though, the money you pay in tax, is way more than the increased worth of your house, so you are much better off simply paying cash. Not an easy task I know, I am struggling hard now, as it is a huge goal, big payoff at the end, but a massive task. Much easier paying stuff as you go, but whatever, this is what we chose.

The other part of it, is if you plan on renting the property out, they will lend you an amount equal to the rent of the property, on the assumption that the rent will be the repayments. That doesn't save you much, but will get you there a little quicker.

I would suggest that you tie your money up in short term investments, like 12 month term deposits. You don't get much for your money, but it is tied up, with a goal at the end of it. Every time you save up 10-20 grand, tie it up for 12 months. When you have enough, you have your house.

A work around could be to get the better half employed again in any old job that pays a wage enough to cover whatever multiples of joint income the lender considers. This can get a mortgage offer, she can then ditch the job a couple of weeks after completion, but you have to be 100% confident that your trading/employment income meets the new loan repayments. In the meantime, keep playing this to her.

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I looked into trading a couple of years ago, when i had a good run of betting and had quite a bit of money in my bf account. For some reason it never happened, mainly i think due to not looking into the available software enough.

Anyway im gonna give it a try full time now (now ive found the Toy!), and am wondering how you lads go about getting a mortgage.

Ive got the house up for sale and i dont think the bank manager is gonna lend me anymore if i say i trade on bf for a living. Ill have to postpone it till i sell i think

No hope on that front. In the UK the banks don't view betting as income, even if you've got tens of thousands coming in each month.